thyroid ablation devices industry

PORTLAND, OREGON, UNITED STATES, May 26, 2023 /EINPresswire.com/ -- According to the report, the global thyroid ablation devices industry generated $472.8 million in 2020, and is estimated to reach $1.29 billion by 2030, witnessing a CAGR of 10.6% from 2021 to 2030. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Growing Prevalence of Thyroid Disorders: The increasing prevalence of thyroid disorders, such as hyperthyroidism and thyroid nodules, is one of the primary factors driving the demand for thyroid ablation devices. These devices are used for the treatment of benign thyroid conditions as well as certain types of thyroid cancer.

Minimally Invasive Treatment Option: Thyroid ablation devices offer a minimally invasive alternative to traditional surgery for the treatment of thyroid conditions. They provide a non-surgical method for destroying thyroid tissue, typically using techniques like radiofrequency ablation (RFA), laser ablation, or ethanol ablation.

Advancements in Technology: The market is witnessing continuous advancements in technology, leading to the development of more efficient and precise thyroid ablation devices. These advancements include improved imaging techniques, real-time monitoring systems, and enhanced energy delivery mechanisms, which contribute to better treatment outcomes and patient safety.

Rising Demand for Outpatient Procedures: Thyroid ablation procedures are increasingly being performed on an outpatient basis, allowing patients to avoid hospital stays and reducing healthcare costs. The growing preference for minimally invasive procedures and the shorter recovery time associated with outpatient treatment are driving this trend.

Increasing Adoption of Radiofrequency Ablation (RFA): Radiofrequency ablation has gained significant popularity in the thyroid ablation devices market. RFA offers advantages such as accurate targeting of thyroid tissue, minimal damage to surrounding structures, and a high success rate in terms of thyroid nodule reduction. These factors have contributed to the widespread adoption of RFA as a preferred treatment option.

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Market Drivers:

Increasing Prevalence of Thyroid Disorders: The rising incidence and prevalence of thyroid disorders worldwide are significant drivers of the thyroid ablation devices market. Conditions such as hyperthyroidism, thyroid nodules, and thyroid cancer are becoming more common, creating a higher demand for effective treatment options.

Growing Awareness and Diagnosis: Increased awareness about thyroid disorders, advancements in diagnostic techniques, and improved access to healthcare services have led to early detection and diagnosis of thyroid conditions. This, in turn, has fueled the demand for thyroid ablation devices as an effective treatment option.

Preference for Minimally Invasive Procedures: Patients and healthcare providers are increasingly opting for minimally invasive procedures due to their advantages over traditional surgical approaches. Thyroid ablation devices offer a non-surgical and minimally invasive alternative to surgery, providing benefits such as reduced risk, shorter hospital stays, faster recovery, and improved cosmetic outcomes.

Market Segmentation:

Product Type: The market can be segmented based on the type of thyroid ablation devices available in the market. This may include radiofrequency ablation (RFA) devices, laser ablation devices, ethanol ablation devices, microwave ablation devices, and others.

End User: The market can be segmented based on the end users of thyroid ablation devices. This may include hospitals, ambulatory surgical centers, specialty clinics, and others.

Application: The market can be segmented based on the application of thyroid ablation devices. This may include the treatment of hyperthyroidism, benign thyroid nodules, thyroid cancer, and others.

Geography: The market can be segmented based on geographical regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region may have its own market dynamics, regulatory environment, and adoption rates for thyroid ablation devices.

Distribution Channel: The market can also be segmented based on the distribution channels through which thyroid ablation devices are sold. This may include direct sales from manufacturers, distributor networks, online retail, and others.

Patient Age Group: Another possible segmentation criterion is based on the age group of patients. Thyroid ablation devices can be used across various age groups, including pediatric, adult, and geriatric populations.

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Regional Growth Dynamics:

North America accounted for the highest market share in terms of revenue in 2020, holding more than two-fifths of the global thyroid ablation devices market, and is expected to maintain its dominant share by 2030. This is due to robust infrastructure provided for research activities and presence of key players across the region. However, Asia-Pacific is estimated to portray the fastest CAGR of 11.1% during the forecast period, owing to rise in usage for new drug discovery, R&D activities for launching new products, and increase in investments in the healthcare sector.

Major Market Players

Boston Scientific Corporation
BVM Medical System
Integra LifeSciences
Johnson & Johnson
Medtronic Plc
Medwaves Inc.
Olympus Corporation
STARmed Co., Ltd.
Terumo Corporation

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